MMR: No date for individual registration

Sheila Nicoll, FSA director of conduct policy, said setting a date for all mortgage advisers to register was still “firmly on the FSA’s agenda” but that the Mortgage Market Review consultation paper had taken priority until now.

She said: “Individual registration is still very firmly on our radar screen and our agenda but we have had to do a lot of prioritisation as a result of regulatory reform and in light of that we can’t give you an absolute definite date as to when we will be taking that forward.”

Nicoll confirmed that all intermediaries will be required to register including bank based advisers, telephone and internet mortgage sales staff.

Many in the mortgage industry believe the register is increasingly important given that today’s MMR paper proposes scrapping non-advised mortgage sales.

Grenville Turner, chief executive of Countrywide, said: “Whilst we wholly support the FSA’s recommendation on ensuring that all mortgage advisors are fully qualified with an appropriate and approved qualification, it is disappointing to see that the FSA has stopped short of making clear their intentions on individual registration.

“We firmly believe that this would cement the foundations for a level playing field for professional standards in the mortgage industry as well as assist in fraud prevention measures.

“We would urge the FSA to reconsider this during the consultation process, as necessary qualifications combined with individual registration raises industry standards and professionalism, which can only be a positive outcome for consumers.”